Intrday analysis of Gas
Natural Gas tried to break last year’s high at 3.933. We warned all last week that the market is becoming very over bought now and we do expect to see a top for the bull run here this year. We managed to stretch to 3.966 but held below our stop loss level of 3.405 keeping us short for the sell off down to 3.858. We can hold those shorts now looking for 8.847 today. We could continue lower and test the next support at 3.774/768. We would expect a low for the day here.
Resistance at 3.933/966 should hold any move higher now but shorts need a stop above 3.405 for 3.413/414 as the next upside target.
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